Energean Oil & Gas on Thursday announced that it has entered into a conditional sale and purchase deal to acquire Edison Exploration & Production S.p.A. from Edison S.p.A. for 750 million US dollars, to be adjusted for working capital, with additional contingent consideration of 100 million payable following the first gas from the Cassiopea development (expected 2022), offshore Italy, ANA reports.
The acquisition of Edison E&P on attractive metrics is in line with Energean’s stated strategy of creating the leading independent, gas-focused E&P company in the Mediterranean. It will significantly increase Energean’s scale and diversification by adding a complementary portfolio of accretive development, appraisal and exploration opportunities, whilst immediately contributing EBITDAX and cash flow to support the Enlarged Group’s strategic growth and medium-term ambition to begin paying a dividend.
The acquisition creates the leading full cycle, independent, gas-focused E&P company in the Mediterranean and will increase Energean’s prominence and profile in the region and its ability to attract new investment opportunities.
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